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Does a trust make sense?

One important part of financial planning for Kent residents is estate planning. After working hard to build a strong portfolio. it is important to have a plan in place for asset preservation. So would a trust make sense in your situation?

Although many people believe trusts are something that only the very rich use, the truth is that they may make sense for anyone who has an estate of more than $100,000. If you have an estate of $100,000 or more, like many people do, or you have particular family circumstances, a trust may be a useful estate-planning tool.

A trust is an arrangement that allows a third party to hold assets on behalf of beneficiaries. There are many ways a trust can be arranged and they allow the creator of the trust to specify how the assets are to be distributed when they die.

Trusts can be a smart estate planning tool for a variety of reasons. For example, if a sizeable amount of your estate is in real estate, art or business, a trust can be a good estate planning option. Furthermore, if you want to stipulate how and when your heirs receive their inheritance, a trust might make sense. In addition, trusts can help you and your spouse to maximize the tax benefits of estate-tax exemptions. Or if you have a disabled relative that you want to support without losing Medicaid benefits, a trust can be a helpful solution.

Advantages of trusts include reducing estate taxes, distributing assets to your heirs by avoiding the cost and time delay of the probate process, protecting assets from creditors and putting conditions on how your estate is to be distributed after you die.

Source: CNN Money, "Estate planning: Is a trust beneficial?", accessed on Oct. 27, 2014

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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